Noor Bank cuts staff

Dubai’s Noor Bank has given pink slips to sev­eral of its em­ploy­ees, ac­cord­ing to news re­ports. While the num­ber of job losses is be­low 100, the re­ports sug­gested the fi­nal fig­ure for the planned re­dun­dan­cies could be more than 200. The Is­lamic bank’s to­tal work­force was around 1,200 to 1,500. The bank said in a state­ment, it has seen sig­nif­i­cant growth over the past few years - and fol­low­ing a ro­bust eval­u­a­tion, be­lieves that now is the time to stream­line its func­tions and align to a new op­er­at­ing model. The re­ports also said the bank’s cor­po­rate and in­vest­ment bank­ing units would not be af­fected by the job cuts.